
Markets in the US ended flat to negative as the Fed minutes suggested that rate cuts are off the table until inflation comes lower. The Nasdaq ended lower by 87 points, while Dow Jones 27 points in trade. Back home, both Sensex and Nifty fell in trade after seven straight session of gains. The Nifty ended at 22,055, while Sensex fell 434 points to end at 72,623.
On the technical front, Shrikant Chouhan of Kotak Securities, says, “For day traders now, 22150/73000 would act as a crucial resistance zone. As long as the market is trading below the same, the weak sentiment is likely to continue. Below which, the index could retest the level of 21935-21900/72300-72200 .On the flip side, above 22150/73000 the sentiment could change. Above 22150/73000, the index could move up till 22250-22300/73300-73500.”
Foreign Institutional Investors on Wednesday bought shares worth Rs 284 crore in the cash markets. On the other hand, flows from DIIs turned negative as they sold shares worth Rs 411.95 crore, provisional data from exchanges showed.
Top stocks to watch today are Eureka Forbes, HomeFirst Finance, Brigade Enterprises, NBCC, LTIMindtree.